It’s been four months since the “new” plastic fivers came into circulation and there’s just four months left until the paper fivers are phased out for good.

On 5 May 2017, the paper £5 note will cease to be legal tender, meaning you won’t be able to use them to pay for things.

The Bank of England has predicted the number of old £5 notes in circulation to have already halved, meaning 50% have been switched to the new polymer notes.

But that leaves almost 165 million cotton paper fivers yet to be withdrawn.

What happens if you still have paper £5 notes left after 5 May 2017?

After this date you will need to exhange your five pound notes at your nearest bank, building society or Post Office.

High streets banks may refuse to exchange notes after the cutoff date but the Bank of England is legally obliged to.

This is because Bank of England notes retain their face value for all time, so you don’t have to worry if you come across old notes in future.

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Will paper £5 notes dissappear completely?

The Bank of England is getting rid of paper fivers but banks in Scotland and Northern Ireland may not follow suit. Paper notes issued by banks in Scotland and Northern Ireland will remain legal tender.